Bank of Montreal Reports Decent 3Q, Sees Higher Provisions
Bank of Montreal reported decent fiscal third-quarter results, and we plan to maintain our $72/CAD 94 fair value estimates and narrow moat rating. Adjusted net income increased 4% from the prior year to CAD 1.2 billion as the bank benefited from organic growth in its personal and commercial division and the acquired BMO transportation finance business, which was somewhat offset by market-related volatility at the wealth management division. With adjusted return on equity at 13.5%, the bank is pe...Bank of Montreal is a financial services organization. Co. provides a range of retail banking, wealth management and investment banking products and services. Co. serves its clients through three operating groups: Personal and Commercial Banking, which provides financial services to personal and commercial customers; Private Client Group, which provides wealth management products and services to individuals and select institutional segments; and BMO Capital Markets, which provides clients financial and capital markets services to corporate, institutional and government clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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